Electronic Financial Transaction Routing
First Claim
1. A method for determining a network for settling an electronic transaction at a financial transaction processor, the method comprising:
- receiving a transaction from a merchant, wherein the transaction includes a bank identification number (BIN) and a geographical state identifier associated the merchant;
determining if one or more network flags are asserted in a BIN network file;
if a single network flag is asserted, routing the transaction through a network associated with the network flag;
if a plurality of network flags are asserted, routing the transaction through the least cost network of the networks associated with the plurality of network flags; and
if no network flags are asserted, routing the transaction through the least cost network.
1 Assignment
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Accused Products
Abstract
Methods and systems for determining a network for settling an electronic transaction at a financial transaction processor is disclosed according to embodiments of the invention. Certain embodiments include receiving a transaction from a merchant. The transaction may includes a bank identification number (BIN) and a geographical state identifier associated the merchant. From the BIN number, the processor can determine if one or more network flags are asserted for the BIN in the network file. If a single network flag is asserted then routing the transaction through a network associated with the network flag. For example, if a state network flag is asserted then routing the transaction through the state associated with the transaction. If a network priority flag is asserted, routing the transaction through associated network. If an issuer priority flag is asserted, routing the transaction through the network associated with the issuer.
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Citations
14 Claims
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1. A method for determining a network for settling an electronic transaction at a financial transaction processor, the method comprising:
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receiving a transaction from a merchant, wherein the transaction includes a bank identification number (BIN) and a geographical state identifier associated the merchant; determining if one or more network flags are asserted in a BIN network file; if a single network flag is asserted, routing the transaction through a network associated with the network flag; if a plurality of network flags are asserted, routing the transaction through the least cost network of the networks associated with the plurality of network flags; and if no network flags are asserted, routing the transaction through the least cost network. - View Dependent Claims (2, 3)
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4. A method for determining a network for settling an electronic transaction at a financial transaction processor, the method comprising:
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determining whether the network BIN table includes one or more priority flags asserted for networks in relation to the BIN, wherein if more than one network is flagged as priority, routing the electronic transaction through the least cost of the more than one networks, otherwise, routing the transaction through the single priority flagged network; and determining whether the network BIN table includes one or more valid-flags asserted for networks in relation to the BIN, wherein if more than one network is flagged as valid, routing the electronic transaction through the least cost of the more than one networks, otherwise, routing the transaction through the single valid-flagged network. - View Dependent Claims (5, 6)
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7. A computer system for routing a electronic financial transactions comprising:
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a network interface; a processor; and a memory, wherein the memory comprises; at least one network BIN table; instructions to receive an electronic financial transaction from a merchant through the network interface; instructions to lookup the BIN associated with the electronic financial transaction in the network BIN table; instructions to determine whether one or more priority flags are asserted in the network BIN table; instructions to route the electronic financial transaction to a network if a single network is flagged as priority for the BIN associated with the electronic financial transaction; and instructions to route the electronic financial transaction to the least cost network of the networks flagged as priority, if a more than one network is flagged as priority for the BIN associated with the electronic financial transaction. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14)
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Specification